Enterprise Asset Management Market is Estimated to Witness High Growth Owing to Opportunity of Improved Asset Utilization

Enterprise asset management refers to the strategies and software that help organizations manage physical assets and equipment effectively over the entire lifecycle. Implementing an EAM system provides features like inventory management, maintenance schedules, purchasing, and analytics to track asset performance.
With complex industrial operations requiring thousands of physically distributed assets, organizing maintenance is challenging without a centralized system. EAM solutions provide a digital platform to monitor asset health, schedule predictive maintenance, and maximize asset use.

Market Opportunity:
Improved asset utilization is a key opportunity for growth in the enterprise asset management market. EAM software helps trace asset location, condition and performance history in real-time. This data can be analyzed to optimize asset deployment, avoid downtime from unplanned failures and reduce production costs. The solutions also facilitate centralized procure-to-retire asset lifecycle tracking. By digitizing maintenance operations, companies can cut operating expenses and boost equipment efficiency through preventive maintenance routines. As industries across sectors focus on squeezing higher returns from existing infrastructure investments, demand for EAM capabilities will continue rising over the forecast period.

Porter's Analysis:
Threat of new entrants: The Enterprise Asset Management market already has strong established players, making it difficult for new players to enter. However, low startup costs reduces this threat to some extent.

Bargaining power of buyers: Large enterprise buyers have significant bargaining power due to the vast number of solutions available. However, switching costs between vendors keeps this power in check.

Bargaining power of suppliers: A few large suppliers such as SAP, IBM and Oracle dominate this market, giving them significant bargaining power over customers.

Threat of new substitutes: No direct substitute exists for enterprise asset management software. However, specialized point solutions from adjacent markets pose a moderate threat.

Competitive rivalry: The market is growing steadily, triggering intense competition between prominent vendors. Companies focus on innovations and strategic partnerships to gain market share.

SWOT Analysis:
Strengths: Enterprise asset management software improves asset utilization, maintenance planning and regulatory compliance. It offers enhanced visibility, control and optimization of asset lifecycles.

Weaknesses: Initial implementation costs are high. Data migration from legacy systems also requires substantial effort. Limited in-house IT skills hinder effective usage.

Opportunities: Growing need for IoT-enabled predictive maintenance and asset performance management present new opportunities. Integration with augmented reality and cloud also opens opportunities.

Threats: Stiff competition threatens profit margins. Vulnerabilities in asset data security also pose threats to market growth.

Key Takeaways:
Global Enterprise Asset Management Market Size is expected to witness high growth. North America dominates currently due to rapid technology adoption by major industries. Europe follows due to stringent compliance regulations.

Regional analysis: The Asia Pacific region is expected to grow at the fastest pace during the forecast period. This is due to increasing investments in infrastructure development, manufacturing and energy & utilities industries across major countries like China and India. China, in particular is emerging as a lucrative market for EAM solutions.

Key players: Key players operating in the Enterprise Asset Management market are SAP, IBM, Oracle, Infor, ABB Ltd., Aptean, CGI, IPS, Maintenance Connection and AVEVA Group Plc. SAP and IBM have the largest market share currently due to their comprehensive product portfolios and global presence.

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